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Private house rents in the UK rose by 4.7% in the 12 months to February, according to the Office for National Statistics (ONS).
The latter figure is up 0.3% from January and represents the biggest annual percentage change since the series began in the UK in January 2016.
The annual percentage change in rents increased in all regions in 2022, including London. The latest data shows that this continued until early 2023.
Annual private rental prices rose 4.5% in England, 4.2% in Wales and 4.9% in Scotland in the 12 months to February.
In England, the East Midlands had the highest annual percentage change in private house rental prices in the 12 months to February (4.9%), while the West Midlands had the lowest (4.0%).
The data show that the annual percentage change in private house rental prices in London was 4.6% in the 12 months to February.
This figure rose from 4.0% in December and is the strongest annual percentage change in London since August 2015.
Andrews Real Estate Group CEO Carl Howard says: “A record 4.7% year-on-year increase in rental prices speaks to strong competition for new property, as well as a lack of supply.”
“The current mismatch between population growth and housing development continues to drive demand for rental property, especially in cities and suburban centers.”
“Another important factor has been the growing pressure on landlords affected by the soaring cost of living and rising mortgage rates, a legacy of the fall budget. As double-digit inflation continues to increase their spending across the board, many buying-to-rental owners struggle to justify owning investment properties.”
“State legislation and some of the clumsy ‘us versus them’ rhetoric, especially with regard to the planned strengthening of tenant rights, has also helped push a large number of small landlords out of the market.”
“This exodus must be stopped – and more rental properties must be brought to the market, otherwise prices will continue to rise. In the meantime, let’s hope that Punch and Judy’s policies in the private sector can be replaced by something much more constructive for landlords and tenants alike.”
UK private postal rents rose 4.7% in February as ONS first appeared in Mortgage Strategy.
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